供应链金融如何影响企业创新?  

How Does Supply Chain Finance Affect Enterprise Innovation?

作　　者：韦施威 杜金岷[2] Wei Shiwei;Du Jinmin(School of Economics and Trade,Guangdong University of Finance,Guangzhou;School of Economics,Jinan University,Guangzhou)

机构地区：[1]广东金融学院经济贸易学院 [2]暨南大学经济学院

出　　处：《经济社会体制比较》2023年第2期62-74,共13页Comparative Economic & Social Systems

基　　金：国家社会科学基金项目“企业杠杆率影响技术创新的异质性结构、多维机制与内外协同治理研究”(项目编号:20BJY035);广东省哲学社会科学规划项目“企业金融化对研发创新的影响机理与治理模式研究”(项目编号:GD19CYJ20)。

摘　　要：在新一代信息技术驱动下,供应链金融的创新发展优化了产业链供应链企业整体的融资结构和资源配置效率,实现了产业和金融的深度融合。文章基于中国A股上市公司数据,利用文本爬虫技术,识别和刻画了供应链金融发展水平和企业供应链金融能力,进而考察供应链金融对企业创新的影响。研究发现,供应链金融显著促进了企业的技术创新产出,对高质量、实质性创新绩效的增益效果同样明显,且从产业互联和区域金融科技发展视角呈现出一定的异质性特征。机制渠道分析表明,融资约束缓解和数字化转型是供应链金融实现企业创新激励的重要路径。进一步研究发现,供应链金融促进下的企业创新能力增强能够带来企业经济效益的提升。Driven by a new generation of information technology,the innovative development of supply chain finance optimizes the overall financing structure and resource allocation efficiency of supply chain enterprises.Supply chain finance has deeply integrated industry and finance.Based on the data of China's A-share listed companies,this paper uses text crawler technology to identify the development level of supply chain finance and the company's supply chain finance capabilities and examines the impact of supply chain finance on corporate innovation activities.The study found that supply chain finance has significantly promoted the technological innovation output of enterprises,and the gain distinct effect on high-quality and substantive innovation as well.It has a more obvious impact on the innovation activities of enterprises with close industrial interconnection and high-level regional Fintech development.Mechanism channels show that the alleviation of financing constraints and digital transformation are important paths for supply chain finance to realize enterprise innovation incentives.Further research found that the enhancement of enterprise innovation ability under the promotion of supply chain finance can improve enterprises'economic benefits.

关 键 词：供应链金融 企业创新 文本识别 融资约束 数字化转型 

分 类 号：F832.51[经济管理—金融学] F273.1F274